Poland-based X-Trade Brokers, better known as XTB, has released its preliminary financial and operating results for the third quarter of the year on Monday, noting a strong consolidated net profit in the period. According to the report, it netted PLN 101.5 million compared to PLN 68.4 million in the same period last year.

Also, its operating expenses accounted for PLN 84.8 million, which is up from the 2020 third quarter’s figure of PLN 60.1 million. In addition, XTB reported over 38 thousand new clients, which is significantly up from the 21 thousand witnessed in the third quarter of 2020, implying a surge of 82.1%. As a result, revenues soared by 40.8% on a yearly basis during the period from PLN 139.6 million to PLN 196.6 million.

“The significant factor determining the level of revenues was a constantly growing client base combined with their high transaction activity noted in the number of concluded transactions in lots and in the nominal value of the realized turnover. As a consequence, the transaction volume in CFD instruments amounted to 1,044 thousand lots (III quarter 2020: 760 thousand lots), and a profitability per lot amounted to PLN 188 (III quarter 2020: PLN 184),” XTB noted.

Moreover, the Poland-based broker commented that CFDs based on commodities took the lead in revenue in terms of the classes of instruments responsible for their creation. In fact, XTB stated that CFDs’ high profitability based on gold, silver and natural gas drove major profits. “Revenues of CFD based on currencies reached 14,4% of all revenues, compared to 20,1% a year earlier, where the most popular financial instruments in this class were based on the EURUSD currency pair,” the broker added.

MENA Subsidiary

A few weeks ago, Finance Magnates reported that after obtaining a license in Dubai, XTB's local subsidiary launched regulated services in the Middle East and North Africa (MENA) region. Clients of XTB MENA Limited can trade over 1900 instruments of Forex and CFDs of other asset classes.

Poland-based X-Trade Brokers, better known as XTB, has released its preliminary financial and operating results for the third quarter of the year on Monday, noting a strong consolidated net profit in the period. According to the report, it netted PLN 101.5 million compared to PLN 68.4 million in the same period last year.

Also, its operating expenses accounted for PLN 84.8 million, which is up from the 2020 third quarter’s figure of PLN 60.1 million. In addition, XTB reported over 38 thousand new clients, which is significantly up from the 21 thousand witnessed in the third quarter of 2020, implying a surge of 82.1%. As a result, revenues soared by 40.8% on a yearly basis during the period from PLN 139.6 million to PLN 196.6 million.

“The significant factor determining the level of revenues was a constantly growing client base combined with their high transaction activity noted in the number of concluded transactions in lots and in the nominal value of the realized turnover. As a consequence, the transaction volume in CFD instruments amounted to 1,044 thousand lots (III quarter 2020: 760 thousand lots), and a profitability per lot amounted to PLN 188 (III quarter 2020: PLN 184),” XTB noted.

Moreover, the Poland-based broker commented that CFDs based on commodities took the lead in revenue in terms of the classes of instruments responsible for their creation. In fact, XTB stated that CFDs’ high profitability based on gold, silver and natural gas drove major profits. “Revenues of CFD based on currencies reached 14,4% of all revenues, compared to 20,1% a year earlier, where the most popular financial instruments in this class were based on the EURUSD currency pair,” the broker added.

MENA Subsidiary

A few weeks ago, Finance Magnates reported that after obtaining a license in Dubai, XTB's local subsidiary launched regulated services in the Middle East and North Africa (MENA) region. Clients of XTB MENA Limited can trade over 1900 instruments of Forex and CFDs of other asset classes.